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Term Loans
 9 Months Ended
Sep. 30, 2022
Debt  
Debt Mortgages Payable
During the nine months ended September 30, 2022, we made $311.1 million in principal payments, including the full repayment of 12 mortgages for $308.0 million. During the nine months ended September 30, 2021, we made $56.0 million in principal payments, including the full repayment of six mortgages for $53.3 million. We assumed eight mortgages on 17 properties totaling $45.1 million during the nine months ended September 30, 2022, as compared to the assumption of one Sterling-denominated mortgage on one property totaling £31.0 million for the nine months ended September 30, 2021. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions which vary from loan to loan.
Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At September 30, 2022, we were in compliance with these covenants.
The balance of our deferred financing costs, which are classified as part of 'Mortgages payable, net', on our consolidated balance sheets, was $926,000 at September 30, 2022, and $790,000 at December 31, 2021. These costs are being amortized over the remaining term of each mortgage.
The following table summarizes our mortgages payable as of September 30, 2022, and December 31, 2021, respectively (dollars in thousands):

As Of
Number of
Properties (1)
Weighted
Average
Stated
Interest
Rate (2)
Weighted
Average
Effective
Interest
Rate (3)
Weighted
Average
Remaining
Years Until
Maturity		Remaining
Principal
Balance
Unamortized
Premium
and Deferred
Financing Costs
Balance, net
Mortgage
Payable
Balance
9/30/20221364.8 %3.3 %1.6$840,682 $14,681 $855,363 
12/31/20212674.8 %3.5 %1.8$1,114,129 $27,866 $1,141,995 
(1)At September 30, 2022, there were 18 mortgages on 136 properties. At December 31, 2021, there were 22 mortgages on 267 properties. With the exception of one Sterling-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At September 30, 2022 and December 31, 2021, all mortgages were at fixed interest rates.
(2) Stated interest rates ranged from 3.0% to 6.9% at each of September 30, 2022 and December 31, 2021.
(3) Effective interest rates ranged from 2.6% to 6.6% and 2.6% to 6.0% at September 30, 2022 and December 31, 2021, respectively.
The following table summarizes the maturity of mortgages payable, excluding net premiums of $15.6 million and deferred financing costs of $926,000 as of September 30, 2022 (dollars in millions):
Year of Maturity
Principal
2022$1.1
202322.0
2024740.5
202539.2
202612.0
Thereafter25.9
Totals
$840.7
Term loans  
Debt  
Debt Term LoanIn October 2018, in conjunction with entering into our current revolving credit facility, we entered into a $250.0 million senior unsecured term loan, which matures in March 2024. Prior to April 2022, borrowing under this term loan bore interest at the current one-month LIBOR, plus 0.85%. In connection with entering into our new unsecured credit facility in April 2022, the previous LIBOR benchmark rate was replaced with daily SOFR, based on a five day lookback period, and, due to our current credit ratings, is not subject to a credit spread adjustment. In conjunction with this term loan, we also entered into an interest rate swap, which was based off the daily SOFR through June 30, 2022. As of September 30, 2022, effective interest rate on this term loan, after giving effect to the interest rate swap, was 3.83%.At September 30, 2022, deferred financing costs of $295,000 are included net of the term loan principal balance, as compared to $443,000 at December 31, 2021, on our consolidated balance sheets. These costs are being amortized over the remaining term of the term loan